13. november 2014

Skrøbelig fremgang

2

Så langt så godt!

Styr på Europa!

Rusland

Ebola

Grækenland

Syrien

Kina

Deflation

3

Tyskland mere skrøbelig end længe

4

Men meget er trods alt bedre end for to år siden

5

Lavere oliepris godt for væksten – men øger deflationsfokus

6

Tæt på deflation i Europa, presser centralbanken

7

Vi tror på Europa … lidt endnu

8

USA ser ret stærk ud

9

Kina vakler – Japan på vej op

10

Den globale vækst er ikke så ringe endda

Danske Bank, IMF and WEO

USA

2014: 2.2%

2015: 3.4%

Euro zonen:

2014: 1.0%

2015: 1.4%

Brasilien

2014: 1,8

2015: 2,7Afrika – Sub-Sahara:

2014: 5.4%

2015:5.5%

Kina:

2014: 7.4%

2015: 7.2%

Rusland:

2014: -0,3%

2015: -1,8%

Indien:

2014: 5.4%

2015:6.4%

UK

2014: 3.1%

2015: 2.7%

11

Lave renter et godt stykke tid

12

Svært at fange markedet

10-year government rates

Macrobond

13

Udlånet til erhverv har fundet en bund

14

Men det er fortsat primært i realkreditten, at man kan låne

15

Kreditpolitikken bliver tilsyneladende lempet

16

Udsigt til stærkere dollar…i hvert fald et stykke tid

EUR/USD 1M 3M 6M 12M

Forecast (pct 'ile) 1.25 (28%) 1.22 (16%) 1.20 (15%) 1.23 (31%)

Fwd. / Consensus 1.26 / 1.26 1.27 / 1.26 1.27 / 1.24 1.27 / 1.22

50% confidence int . 1.25 / 1.28 1.24 / 1.30 1.23 / 1.31 1.21 / 1.33

75% confidence int . 1.23 / 1.30 1.21 / 1.32 1.19 / 1.34 1.16 / 1.37

k

1.10

1.20

1.30

1.40

Oct-13 Feb-14 May-14 Aug-14 Nov-14 Mar-15 Jun-15 Sep-15

EUR/ USD

75% conf. int . 50% conf.int . Forward Danske fcst Consensus fcst

Denmark

Danmark

18

Dansk økonomi i skrøbelig bedring

Macrobond

19

Det private forbrug er vendt ... men langsomt

Macrobond

20

Boligmarkedet er helt centralt – det er vendt!

Macrobond

21

Basis for en smule fremgang i forbruget

Macrobond

22

Høj gæld vil holde forbruget i ave

23

Basis for investeringsvækst – ikke fest

24

Eksporten har klaret sig hæderligt – men udfordringer

Macrobond

25

Ikke så prangende konkurrenceevneudvikling

Ændring i konkurrenceevne for fremstillingserhverv siden 2000, procent

Kilde: Økonomisk Redegørelse, Økonomi- og Indenrigsministeriet

-30

-25

-20

-15

-10

-5

0

5

10

Kronekurs

Produktivitet

Lønudvikling

Lønkonkurrenceevne

26

Finanslovsprocessen skudt i gang

27

I tror ikke rigtigt selv på det…

28

Vi venter vækst – men den bliver skrøbelig

Macrobond

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